NewStats: 3,262,148 , 8,176,225 topics. Date: Sunday, 01 June 2025 at 12:27 AM q1859

ndept:

The Fidelity Bank Palava:
1. Parties Involved:
☞ Fidelity Bank (absorbed FSB International Bank in 2005)
☞ G. Cappa
☞ Sagecom Concepts

2. What Went Wrong?
☞ G. Cappa borrowed money from FSB International Bank but defaulted. The loan was backed by a property in Ikoyi.

3. What FSB Did
☞ FSB sold the property to Sagecom Concepts after winning a legal dispute allowing the sale, but the Federal High Court did not order G. Cappa to vacate. Instead, the court referred the matter of eviction to the Lagos State High Court. G. Cappa continued occupying the property.

4. The Legal Battle
☞ Sagecom Concepts sued Fidelity Bank (FSB’s successor) over possession of the property. In 2018, the Lagos State High Court ruled in favor of Sagecom. Fidelity Bank challenged this at the Supreme Court.

5. Settlement Issues
Fidelity Bank now agrees to settle Sagecom, but confusion exists over how much Fidelity should pay, due to currency valuation differences:
2005 exchange rate: $130 million = ₦14 billion.
2018 exchange rate (when the trial began): ₦31 billion.
Current exchange rate (~₦1,600/$): ₦220 billion+ (not applicable according to Fidelity Bank).

6. Current Situation:
Based on legal precedent, Fidelity Bank argues that the 2018 rate (₦31bn) is appropriate. The bank has requested that the court clarify the exact applicable amount. The issue remains in court.

7. Fidelity Bank’s numbers (FY 2024)
☞ Total Assets: ₦8.8 trillion
☞ Cash Position: ₦700 billion+
☞ Net Assets: ₦793 billion
☞ Gross Earnings: ₦1.1 trillion
☞ Profit After Tax: ₦278 billion

culled from another platform

So Fidelity sold a property to a firm and court was pending the vacation of the occupiers.

The buyer sues Fidelity.

Court rules in favour of the buyer.

QUESTIONS

1. What delayed the issuance of an order to vacate by the court?
2. If ruling is yet to be made while the matter is still in court, are the buyers allowed to sue?

I am totally in of the buyers here. I cannot buy your property and still be waiting to possess it for apparently indefinite period.

Nascon , slow but steady . A sure N70+ candidate before the end of the year.

Due Diligence , please.

Tvegas:
LOL same here, i think we need to mail their registrar at this point.

Maybe you should exercise a little patience and watch for today because I'm just getting mine this afternoon.
After the earlier dividend, I didn't know I could still get as much.
However, I edited and moved my kaya to Gtb because of their Chinese transactions bruhaha. Thus escaping with my over 100% to avoid possible Dangote Sugar calamity.

Agbalowomeri:
The jugular of FIDELITY

In other climes these type of issues are resolved carefully and quickly but naija.....
They should not let this FIDELITY issue bring down the whole NGX o!

Locotrader:
I will still keep my NPf like champion.

I dey bullish on these 2 stocks.

Their dividend na another Awoof.Npf will see N4 -N5 in my presence in this 2025.

Octopus II

Picky1:
In other climes these type of issues are resolved carefully and quickly but naija.....
They should not let this FIDELITY issue bring down the whole NGX o!

I want to believe that, it's a matter of the more you look, the less you see....
Those guys understood themselves up there...
The thing is, let Fidelity do them "normal" and we'll hear a twist to the whole story.
Who get Court, who dey judge for the court?

Despite the whole story, over 98m units has exchanged hands so far....
Who are those buying?
Maybe some top ogas needed the stock at cheap price before the ship will sail again...
Let's be watching their drama....
The lower they drag the price, the better the bargain it presents...

In another news, there's huge bids in Wapco with around 6.5m in Cross deals @79......
Cross deal increased to around 12M units...
Any update on Holcim's plan to sell stakes to Huaxin cement?

Lifeafterdeath:
I have not receive my WAPCO interim dividend paid 20/05/2025. I hope I am not the only one left out.

We dey the same boat.

R.E.D.

Today is Wema payment date, Greenwich we are waiting.

KarlTom:
R.E.D.

I know faint hearted people,Traders must have sold off their champion shares within these 2 days of pullback.

We at champion boat are positioned to ride to Km10 without fear.

I love today's trading @ champion

Locotrader:
I know faint hearted people,Traders must have sold off their champion shares within these 2 days of pullback.

We at champion boat are positioned to ride to Km10 without fear.

I love today's trading @ champion

You go wait till after HI.This market is going into pull back or flat till after H1 results as another catalyst

Lifeafterdeath:
I have not receive my WAPCO interim dividend paid 20/05/2025. I hope I am not the only one left out.

this morning i sent a mail to them listing my cscs number and in 30 minutes i got my alert

Shalom428:
Nascon , slow but steady . A sure N70+ candidate before the end of the year.

Due Diligence , please.

after Q2 i am guessing

Streetinvestor2:
You go wait till after HI.This market is going into pull back or flat till after H1 results as another catalyst

I don't believe you.
Maybe we are experiencing Fidelity bank fever.
There is no sign of general pullback in the market now.However some stocks that have done well recently can pullback to drink water.
Dividend season is not yet over.There will be lots of activities in the market till Q2 results begin to show.

My eyes is on ASI index and consumer sector as barometer

Kindly provide their email address you used. Thanks a lot.

unite4real:


this morning i sent a mail to them listing my cscs number and in 30 minutes i got my alert

Now official

https://businessday.ng/companies/article/chamsaccess-makes-continental-debut-in-sierra-leone/

Lifeafterdeath:
Kindly provide their email address you used. Thanks a lot.

[email protected]

ARADEL. ±
CONOIL. ±
ETERNA. ±
OandO. ±

unite4real:


this morning i sent a mail to them listing my cscs number and in 30 minutes i got my alert

I just got my Wapco dividend too, I sent them a mail few hours ago . It's bad if they need to get a mail before paying.

Tvegas:


I just got my Wapco dividend too, I sent them a mail few hours ago . It's bad if they need to get a mail before paying.

at least they even reacted to the mails swiftly. Not like some that will ask you to wait for more than 3 working days before back and forth commences

.

"Aradel Encounters Four New reservoirs in Ogbele 16, Estimates 120BCF and 22MMbls of Liquids"
https://africaoilgasreport.com/2025/05/in-the-news/aradel-encounters-four-new-reservoirs-in-ogbele-16-estimates-120bcf-and-22mmbls-of-liquids/

KarlTom:
ARADEL. ±
CONOIL. ±
ETERNA. ±
OandO. ±

unite4real:


after Q2 i am guessing

Soon or later but surely a 70+ candidate by end of the year. Declaration of interim dividends will surely make it a solid ₦80+ candidate

DYDD

unite4real:


this morning i sent a mail to them listing my cscs number and in 30 minutes i got my alert

💯

Just to be clear, there was a court injunction prohibiting Fidelity Bank from selling the property but Fidelity Bank sold the property to Sagecom despite the injunction

"Fidelity Bank Plc is currently embroiled in a significant legal and financial dispute following a Supreme Court ruling that mandates the bank to pay ₦225 billion in damages to Sagecom Concepts Limited. This case stems from a legacy transaction involving the defunct FSB International Bank, which Fidelity Bank acquired in 2005. FSB had extended loans totaling $3 million and ₦100 million to G. Cappa Plc, secured by properties in Ikoyi and Ibadan. Upon G. Cappa's default, Fidelity Bank sold one of the mortgaged properties to Sagecom in 2005, despite a court injunction prohibiting such action. This led to prolonged litigation, culminating in the Supreme Court's April 2025 decision, which criticized Fidelity Bank's conduct and awarded damages to Sagecom .
Peoples Gazette Nigeria
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Peoples Gazette Nigeria
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Leadership News

In response to concerns about its financial stability, Fidelity Bank has asserted that it remains a strong and profitable institution, with substantial capitalization and international operations. The bank is reportedly engaging in negotiations with Sagecom to structure a feasible repayment plan, aiming to mitigate the financial impact of the judgment .
Peoples Gazette Nigeria
Peoples Gazette Nigeria

Despite the challenges posed by this legal development, Fidelity Bank continues to operate and serve its customers. For more information on the bank's services and updates, you can visit their official website:[b]"

NSEstudent:


So Fidelity sold a property to a firm and court was pending the vacation of the occupiers.

The buyer sues Fidelity.

Court rules in favour of the buyer.

QUESTIONS

1. What delayed the issuance of an order to vacate by the court?
2. If ruling is yet to be made while the matter is still in court, are the buyers allowed to sue?

I am totally in of the buyers here. I cannot buy your property and still be waiting to possess it for apparently indefinite period.

In view of the hullabaloo about Fidelity bank's MD buying shares of the bank, here is a video explaining the difference between insider dealing (which is legal) and insider trading (which is illegal).


https://www.youtube.com/watch?v=6aCMMHaG6_Y

NSEstudent:


So Fidelity sold a property to a firm and court was pending the vacation of the occupiers.

The buyer sues Fidelity.

Court rules in favour of the buyer.

QUESTIONS

1. What delayed the issuance of an order to vacate by the court?
2. If ruling is yet to be made while the matter is still in court, are the buyers allowed to sue?

I am totally in of the buyers here. I cannot buy your property and still be waiting to possess it for apparently indefinite period.

Fidelity should pay the court judgement, collect the proper rent from GCapper from the day of foreclosure, to reduce their loss. Thereafter throw GCapper out of the building and hand
it over to the buyer

Is it not simple?

Pls elders I want enlightenment

Is it only if I hold my stock for long I will be entitled to dividends or even when I hold for a short period of time

Then when do company normally pay out dividends


If I'm not getting dividends what can I do

Pls someone come to my rescue...

LOL. To be fair, when you have 25% product-level gross margins, the only way out is to grow bigger without meaningfully increasing your istrative costs.

But the waka to Sierra Leone long sha: New office, new staff, higher costs. And your thesis has evolved---yet again.

But neva say neva!

Locotrader:
Now official

https://businessday.ng/companies/article/chamsaccess-makes-continental-debut-in-sierra-leone/